Com2uS to acquire 38.1% of Wysiwyg Studios for KRW 160.7bn
- Deal value
- $111m
- Stake
- 38.1%
- Implied 100%
- $291m
- Revenue
- $76m
- Op. income
- $1m
- Multiples
- EQV/EBIT 234.3xPSR 3.8x
Deal value ÷ stake (structure unconfirmed)
2020 연결 · DART-verified
2020 연결 · DART-verified
On implied equity value
DART 20220318001092
- Target
- Wysiwyg Studios · VFX and media content production
- Buyer
- Com2uS · SI
- Seller
- —
- Structure
- —
- Announced
- Aug 25, 2021
- Closed
- —
- Stage
- Announced
Target
Wysiwyg Studios is a KOSDAQ-listed CG/VFX company (credits include Netflix film 'Space Sweepers') that has expanded through subsidiaries into a comprehensive media content group spanning drama, film, animation, web novels, musicals and OST production, distribution, performances and exhibitions.
Deal rationale
After investing KRW 45 billion for 5 million new shares in March 2021, Com2uS added KRW 160.7 billion in August 2021 to reach 38.1% (38.11% per Economist) and take control, stating its ambition to secure IP and production capabilities and grow into a global comprehensive content company. It described a transmedia strategy of turning Wysiwyg's films, dramas and web novels into global games and expanding Com2uS games into other content. The selling shareholders and their rationale were not reported.
| Revenue | $76m |
| Operating income | $1m |
| EBITDA | — |
| Net income | — |
2020 연결 · DART-verified · 20220318001092
Press coverage
- 테크42 (2021-08-25): “최근 1607억원을 추가 투자해 총 38.1%의 지분을 확보했다”
- 이코노미스트 (2021-10-18): “8월에 1607억원을 더 투입해 지분율을 38.11%로 높이고 경영권을 인수했다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.